Biba weighs in with “grave concerns” on FCA ‘name and shame’ proposals
The British Insurance Brokers’ Association has called on the Financial Conduct Authority to consider the risk of the damaging impact its proposal to name firms at the start of an investigation could have and flagged the danger of serious injustice for innocent businesses.
The trade body also highlighted the lack of a cost benefit analysis and suggested there had not been enough consideration for the principle of proportionality.
Biba CEO Graeme Trudgill told Insurance Age: “While we support an efficient enforcement process, we do have grave concerns about the proposal to ‘name and shame’ firms at the outset of an investigation.”
ConsultationThe FCA opened a consultation earlier this year on a “step change” in being more transparent when opening an investigation
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